I’ve just spent 5 days at the 2013 IPBC Conference in Mississauga, Ontario. IPBC stands for the Institute of Professional Bookkeepers of Canada. The first two days were an intense learning symposium with Ron Baker and Ed Kless, both with Verasage. Verasage is a think tank for professional-knowledge firms and our symposium was titled “Bookkeeper of the Future”. There were also more than 45 educational presentations to choose from, covering legal and government issues as well as software training and coaching. Needless to say after the 5 days, I came away exhausted and well informed. Now it’s just a matter of finding the time to implement and share everything I learned. So let’s start here with 5 interesting items I learned at the conference.
1. Non-Profit Organizations (NPOs) – NPOs do not have to register federally or provincially to acquire its tax-exempt status. But if it receives taxable dividends, interest, rentals or royalties totaling more than $10,000 in the fiscal year, it has to file a T1044. A T1044 is also required if the total assets of the organization were more than $200,000 at the end of the immediately preceding fiscal period. Once a T1044 is filed for the NPO, it must be filed for every subsequent year, even if the financial situation changes from the requirements above.
2. Payroll – The EI hiring credit has been extended for an additional year. This means that if you are an employer and your EI premiums in 2013 exceeded those in 2012, then you could possibly receive a $1,000 credit.
3. Canada Pension Plan Post-Retirement Benefit (PRB) – The PRB is a new lifetime benefit that increases your retirement income and rises with increases in the cost of living, even if you already draw the maximum pension for the Canada Pension Plan (CPP). Canadians working outside of Quebec who receive a CPP retirement began making payments toward the PRB on January 1, 2012. These contributions are mandatory for CPP retirement pension recipients aged 60 – 65. You can go online, enter your year of birth and you will access a chart that can give you an approximate amount of your monthly PRB.
4. ROE Web – The CRA is trying to convert individuals and businesses to do everything on the web. This fall they are launching an updated version of ROE Web. There will be options to save the document and it should be easier to navigate. This means that if you’re interrupted while trying to complete it, you won’t “time out”.
5. Records Keeping – According to the CRA every person carrying on business and every person who is required, by or pursuant to this Act 230(1), to pay or collect taxes or other amounts shall keep records and books of account (including annual inventory kept in a prescribed manner) at the person’s place of business or residence in Canada or as such other place as may be designated by the Minister. This means that if your accountant or bookkeeper is keeping all your records at their office, they are in violation of the act.
Responsibility for records is always upon the client;
- Despite making arrangements with a 3rd party for retention
- This does not mean a client can’t sue you if they had relied upon you to keep the records
- Considerations re. offsite server and offsite electronic backup are acceptable
I thought I was doing my clients a favour by keeping everything here until their year end.
I would be interested in hearing about any Ontario or online courses or presentations you’ve participated in recently which upgraded your business knowledge or skills. Also if you can share any books or websites you would recommend for improving the business/employer experience, I would be happy to share with our readers. Don’t forget to leave a link back to your own blog too if you have one, via the commentluv feature here on the site.
Until next time,